Late Tuesday night, Congress passed legislation avoiding the “fiscal cliff” of increasing taxes for the middle class and spending cuts by a vote of 257 to 167.
The new legislation raises taxes on individuals whose income is over $400,000 dollars and for couples who make over $450,000 dollars a year. Earlier, the Senate had passed the legislation by a vote of 89 to 8.
The bill also prevents the expiration of extended unemployment benefits for around 2 million jobless Americans, stops a 27 percent reduction in fees for physicians who treat Medicare patients, avoids a rise in milk prices, and cuts off a pay increase for legislators from going into effect in March.
Following the House vote, Speaker of the House John Boehner said, “Now the focus turns to spending.”